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Plum Creek Reports Improved Results For Fourth Quarter And Full Year 2012

Stocks in this article: PCL

We present Adjusted EBITDA as a supplemental performance measure because we believe it facilitates operating performance comparisons from period to period, and each business segment’s contribution to that performance, by eliminating non-cash charges to earnings, which can vary significantly by business segment. These non-cash charges include timber depletion, depreciation of fixed assets and the basis in lands sold. We also use Adjusted EBITDA as a supplemental liquidity measure because we believe it is useful in measuring our ability to generate cash. In addition, we believe Adjusted EBITDA is commonly used by investors, lenders and rating agencies to assess our financial performance.

A reconciliation of Adjusted EBITDA to net income and net cash from operating activities, the most directly comparable U.S. GAAP performance and liquidity measures, is provided in the following schedules:

 
       
Year Ended December 31, 2012
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 20 $ 26 $ $ 46
Southern Resources 90 67 157
Real Estate 187 1 138 326
Manufacturing 29 15 44
Other 19 1 20
Other Costs and Eliminations (65 ) 1 (64 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 281   $ 111   $ 138   $ 530  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 59
Interest Expense (140 )
(Provision) Benefit for Income Taxes 3  
Net Income $ 203  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 353
Interest Expense 140
Amortization of Debt Costs (3 )
Provision / (Benefit) for Income Taxes (3 )
Distributions from Timberland Venture (56 )
Deferred Income Taxes 3
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 8
Timber Deed Acquired 98
Pension Plan Contributions 20
Working Capital Changes (15 )
Other (15 )
Adjusted EBITDA $ 530  
 

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

 
       
Year Ended December 31, 2011
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 24 $ 26 $ $ 50
Southern Resources 74 51 125
Real Estate 195 2 77 274
Manufacturing 15 13 28
Other 21 21
Other Costs and Eliminations (55 ) 2 (53 )
Other Unallocated Operating Income (Expense), net 1       1  
Total $ 275   $ 94   $ 77   $ 446  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 56
Interest Expense (139 )
(Provision) Benefit for Income Taxes 1  
Net Income $ 193  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 374
Interest Expense 139
Amortization of Debt Costs (2 )
Provision / (Benefit) for Income Taxes (1 )
Distributions from Timberland Venture (56 )
Deferred Income Taxes
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases (11 )
Timber Deed Acquired 5
Pension Plan Contributions 3
Working Capital Changes 8
Other (13 )
Adjusted EBITDA $ 446  
 

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

 
       
Quarter Ended December 31, 2012
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 5 $ 6 $ $ 11
Southern Resources 24 15 39
Real Estate 74 27 101
Manufacturing 7 4 11
Other 5 1 6
Other Costs and Eliminations (18 ) (18 )
Other Unallocated Operating Income (Expense), net        
Total $ 97   $ 26   $ 27   $ 150  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 17
Interest Expense (36 )
(Provision) Benefit for Income Taxes 1  
Net Income $ 79  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 116
Interest Expense 36
Amortization of Debt Costs (1 )
Provision / (Benefit) for Income Taxes (1 )
Distributions from Timberland Venture
Deferred Income Taxes 2
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 2
Timber Deed Acquired
Pension Plan Contributions 10
Working Capital Changes (10 )
Other (4 )
Adjusted EBITDA $ 150  
 

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

 
       
Quarter Ended December 31, 2011
 
Operating Income Depreciation, Depletion and Amortization Basis of Real Estate Sold Adjusted EBITDA
By Segment
Northern Resources $ 7 $ 7 $ $ 14
Southern Resources 19 14 33
Real Estate 61 1 20 82
Manufacturing 3 3 6
Other 5 5
Other Costs and Eliminations (12 ) 1 (11 )
Other Unallocated Operating Income (Expense), net        
Total $ 83   $ 26   $ 20   $ 129  
 
Reconciliation to Net Income (1)
Equity Earnings from Timberland Venture 12
Interest Expense (35 )
(Provision) Benefit for Income Taxes 1  
Net Income $ 61  
 
Reconciliation to Net Cash Provided By Operating Activities
Net Cash Flows from Operations $ 80
Interest Expense 35
Amortization of Debt Costs
Provision / (Benefit) for Income Taxes (1 )
Distributions from Timberland Venture
Deferred Income Taxes 2
Gain on Sale of Properties and Other Assets
Deferred Revenue from Long-Term Gas Leases 3
Timber Deed Acquired 5
Pension Plan Contributions
Working Capital Changes 8
Other (3 )
Adjusted EBITDA $ 129  
 

(1) Includes reconciling items not allocated to segments for financial reporting purposes.

 




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